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Northann Corp. (NCL) red flags

CIK 0001923780 路 Fort Lawn, SC 路 SIC 3089 路 All EDGAR filings

8 verified red-flag event(s) since 2025-04-01. Red flag score: 89 how it's calculated

5Northann Corp. (NCL) Auditor changenano2026-08-31
auditor resigned; also within 90 days: Late quarterly report (NT 10-Q), Non-reliance / restatement 路 company history
5Northann Corp. (NCL) Late quarterly report (NT 10-Q)nano2026-08-14
report still not filed after extension; also within 90 days: Auditor change, Non-reliance / restatement 路 company history
5Northann Corp. (NCL) Non-reliance / restatementnano2026-08-10
also within 90 days: Auditor change, Late quarterly report (NT 10-Q) 路 company history
5Northann Corp. (NCL) Auditor changenano2026-08-10
auditor resigned; also within 90 days: Late quarterly report (NT 10-Q), Non-reliance / restatement 路 company history
4Northann Corp. (NCL) Going-concern doubtnano2026-04-14
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. 路 company history
5Northann Corp. (NCL) Going-concern doubtnano2025-07-01
also within 90 days: Auditor change, Late quarterly report (NT 10-Q) 路 company history
4Northann Corp. (NCL) Auditor changemicro2025-05-27
also within 90 days: Going-concern doubt, Late quarterly report (NT 10-Q) 路 company history
4Northann Corp. (NCL) Late quarterly report (NT 10-Q)micro2025-05-16
filed late on 2025-07-18; also within 90 days: Auditor change, Going-concern doubt 路 company history

Red flag score: 89 / 100 · very high

Computed only from the verified red flags below: each flag earns points for its severity, loses half its weight every 180 days, and companies with several different flag types in the past year get a bonus. Total points 112.0 → score = 100 × (1 − e−points/50) = 89. Full method

FlagFiledSeverityPointsAgeDecayCounts
Auditor change2026-08-314/522.047 d×0.8318.4
Late quarterly report (NT 10-Q)2026-08-144/515.464 d×0.7812.0
Non-reliance / restatement2026-08-105/530.068 d×0.7723.1
Auditor change2026-08-104/522.068 d×0.7716.9
Going-concern doubt2026-04-144/522.0186 d×0.4910.7
Going-concern doubt2025-07-014/522.0473 d×0.163.6
Auditor change2025-05-273/514.0508 d×0.142.0
Late quarterly report (NT 10-Q)2025-05-163/59.8519 d×0.141.3
Multiple flag types in the last 365 days (4 types)+24

The red flag score summarizes how many, how serious and how recent a company's verified SEC red-flag filings are. It describes filing events only. It is not a fraud score, credit rating or prediction, and not investment advice.

What happened next

FlagDateCap at flag30d90d180d
Auditor change2026-08-31$57,219n/apendingpending
Late quarterly report (NT 10-Q)2026-08-14$2.3Mn/apendingpending
Non-reliance / restatement2026-08-10$2.3Mn/apendingpending
Auditor change2026-08-10$2.3Mn/apendingpending
Going-concern doubt2026-04-14$2.3M-6.9%+2.1%n/a
Going-concern doubt2025-07-01$20.6M+3.9%-26.3%-82.1%
Auditor change2025-05-27$141.5M-81.1%-84.8%-94.8%
Late quarterly report (NT 10-Q)2025-05-16$98.2M-58.1%-69.4%-88.3%

Stock return after each flag; pending = window not yet elapsed; n/a = no price data.

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